Bank of Qld slashes dividend 26pc

The Bank of Queensland has slashed its interim dividend by 26 per cent as first half-profits dropped to $46 million.

Transcript

ALI MOORE, PRESENTER: The Bank of Queensland kicked off the sector's reporting season today. The regional bank slashed its interim dividend by 26 per cent, as first half profits dropped by a quarter to $46 million. But, in normalised cash profit, Australia's seventh biggest lender reported a 29 per cent jump in earnings to $84 million.

Earnings were boosted by an increase in demand for loans and a rise in the group's deposit base. The Bank of Queensland plans to shut around 11 under-performing branches in NSW.